Finance World Magazine| Edition: October 2024

Business News
UAE Mandates Women on Boards for Private Joint-Stock Firms by 2025
Saudi Arabia’s Public Investment
Fund (PIF) has launched Alat, a
new company with the ambition to
position the Kingdom as a global hub for
sustainable technology manufacturing.
Alat will operate across seven business
units, including advanced industries,
semiconductors, smart appliances, health
devices, buildings, and next-generation
infrastructure. The company, chaired
by Saudi Crown Prince Mohammed bin
Salman, plans to manufacture over 30
product categories, spanning robotic
systems, communication systems,
advanced computers, digital entertainment
products, and heavy machinery
for construction, building, and mining.
Alat aims to create 39,000 direct
jobs in Saudi Arabia and contribute a
direct non-oil GDP of $9.3B by 2030,
reinforcing the nation’s commitment to
technological innovation and economic
diversification.
Oberoi Group Exits
UAE, Ends Al Zorah
Resort Partnership
EIH Ltd, the luxury hotel chain
behind the Oberoi brand, is reportedly
withdrawing from the
UAE hospitality market. As a result,
The Oberoi Beach Resort, Al Zorah in
Ajman will no longer be managed by
the Oberoi Group after its management
contract with the local property owner
was ended. This 89-room luxury resort,
famous for its high-end suites and
villas, will be handed over to another
international operator. Located just 30
minutes from Dubai, Al Zorah Resort
is a favourite among luxury travellers,
with nightly room rates ranging from
AED 1,000 to AED 8,000. Despite the
resort’s strong performance in recent
months, surpassing budget expectations,
the decision to exit has surprised many
within the organisation.
Etihad Cargo and SF Airlines Partner to Enhance
UAE-China Trade
Etihad Cargo and SF Airlines have
launched a groundbreaking joint
venture to enhance economic
cooperation and global logistics. This
partnership aims to combine their
strengths, offering a comprehensive
logistics solution that focuses on increasing
capacity, improving transit
times, and expanding connectivity to
new destinations. Both airlines already
collaborate on enhancing global trade
routes, a relationship beneficial to their
operations and customers. Mohammed
Ali Al Shorafa, chairman of Etihad
Airways, highlighted that this venture
signifies the robust ties between the
UAE and China, expressing excitement
about the collaboration with SF Airlines
to improve connectivity and speed for
e-commerce and traditional air cargo.
UAE Prioritises Business and Tech During US
State Visit
Amid regional challenges, the
UAE’s President Sheikh Mohamed
bin Zayed Al Nahyan is
prioritising business and technology on
his inaugural state visit to Washington.
Dr. Anwar Gargash, the UAE’s diplomatic
adviser, emphasised the nation’s
“economy-first, prosperity-first” agenda.
During meetings with US President
Joe Biden and Vice President Kamala
Harris, Sheikh Mohamed aims to enhance
cooperation to diversify the
economy beyond oil revenue, which
Gargash described as entering a new
phase. He cited Microsoft’s $1.5B investment
in G42 as a sign of evolving
tech partnerships, highlighting the
UAE’s commitment to advancing AI
capabilities and its leadership’s strong
understanding of technology.
16 www.thefinanceworld.com Oct 2024